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425420KOSDAQ

TFE

64,800
-3,400 (-4.99%)

Price chart

  • MA5
  • MA20
  • MA60
Market capitalizationKRW 100M

Each day's close multiplied by the listed share count of this share class alone, sampled weekly. It is the figure for this issue only, not a combined total across common and preferred shares.

Overview

Summary

TFE is a company established on October 29, 2003. It is listed on the KOSDAQ market.

The company provides total solutions for the semiconductor device test process. It designs, develops, and supplies test resources including test boards, test sockets, and change over kits to semiconductor design and manufacturing firms and outsourced assembly and test providers.

Business overview as filed

당사는 반도체 디바이스 제조 공정 가운데 반도체 디바이스 조립 공정 이후, 개별 성능 시험과 주변 부품과의 상호 작용 시험 공정인 '테스트 공정’에 Total Solution을 제공하고 있습니다. 테스트 공정은 반도체 디바이스 개별 스스로의 기능, 성능, 내구성을 기준으로 Final Test와 신뢰성 테스트공정으로 구분하고, OS (Operation System) 및 소프트웨어 구동 조건에서 주변 부품과의 상호 작용을 시험하는 SLT (System Level Test)와 SET 모사 Test 등 총 4개의 부분 공정으로 구성되며, 최종 단말 제품의 품질을 결정하는 매우 중요한 공정입니다. 각 부분 공정은 대량 생산에 필요한 '테스트 시스템’, '테스트 핸들러’, '테스트 자원’으로 구성되는 공통된 특징이 있고, 당사는 해당 4개 부분 공정에 필요한 '테스트 자원’을 모두 공급하고 있습니다. '테스트 시스템’과 '테스트 핸들러’는 반도체 디바이스 종류에 관계없이 범용적으로 사용되는데 비해, '테스트 자원’은 반도체 디바이스의 외형, 전기적 성능과 기능에 따라 맞춤형 제작이 필요한 비 범용성 품목으로, 반도체 디바이스 테스트 공정의 3대 요소 가운데 지속적인 투자가 집행되는 핵심 요소이며, 양산 목적형 개발과 양산 대응 조직과 규모, 과제 수행 실적과 경험이 매우 중요한 분야입니다. '테스트 자원’은 'Test Board’, 'Test Socket’, 'COK’ (Change Over Kit)의 3개 부품으로 구성되며, 당사는 '테스트 자원’3개 부품을 4개의 부분 공정에 모두 공급하는 국내 유일 기업임과 동시에 차별화된 기업입니다. 특히, 전체 반도체 시장에서 90% 이상의 점유율을 확보하고 있는 메모리 반도체와 시스템 반도체 시장에서 국내외 반도체 설계 전문 기업, 반도체 양산 전문 기업, 반도체 조립 및 테스트 수탁 기업까지 반도체 산업 각 분야별 전문 기업을 Captive Customer 로 확보하고 당사의 차별화된 Test Solution을 제공하는 가교 역할을 수행 중입니다. 뿐만 아니라 국내외반도체 산업 활성화와 발전 방향에 부합할 수 있도록 ISO 9001, 14001, 45001, 27001 등 국제 표준 인증을 취득하여 품질, 환경 안전, 산업 보건, 정보 보호 등 국제 경쟁력 강화에 노력을 하고 있습니다.

Company overview

가. 연결대상 종속회사 개황보고서 제출일 현재 당사의 연결대상 종속회사 현황은 다음과 같습니다.(1) 연결대상 종속회사 현황(요약)

(2) 연결대상회사의 변동내용

나. 회사의 법적ㆍ상업적 명칭

당사의 명칭은 "주식회사 티에프이"이며, 영문으로는 "TFE Co.,Ltd."로 표기합니다.

다. 설립일자

당사는 2003년 10월 29일에 법인 설림되었습니다.

라. 본사의 주소, 전화번호, 홈페이지 주소

마. 중소기업 등 해당 여부

바. 주요 사업의 내용 및 향후 추진하려는 신규사업에 관한 간략한 설명당사는 반도체 디바이스 제조 공정 가운데 반도체 디바이스 조립 공정 이후, 개별 성능 시험과 주변 부품과의 상호 작용 시험 공정인 '테스트 공정’에 당사의 차별화된 Total Solution을 제공하는 사업을 영위하고 있습니다.당사는 반도체 검사 장비와 검사 부품을 설계, 개발 및 판매를 주 목적으로 하는 기업으로서 설계, 전략적 협력업체를 통한 부품 생산, 완제품 제조, 품질 및 사후 서비스의 과정으로 국내외 유수의 반도체 기업에 상품과 서비스를 공급하고 있습니다.당사 정관 상 사업의 목적사항은 아래와 같습니다.

사. 회사의 주권상장(또는 등록ㆍ지정) 및 특례상장에 관한 사항

아. 신용평가에 관한 사항

* 이크레더블 신용등급 정의

Transcribed verbatim from the sentences the filer wrote in the fiscal 2025 business report (received 2026.03.23), tables and figures omitted.

  • The summary is written separately from the filed text and is not the filer's wording, so it may phrase things differently from or omit parts of the original, which is shown alongside for checking.
  • The company introduction reproduces the sentences the filer wrote in its business report, with tables, figures and the sentences that point to other sections of the report omitted, and the accuracy of their content has not been separately verified.

VaR

9.54%
[6.96%, 12.97%] · As of 2026-10-01
VaR by window

The headline's measure for each of the three windows on one scale, the dot being the estimate and the bar its interval. The windows are nested and share their observations, so the three readings are not three independent measurements. The selected window is highlighted.

Daily return distribution

The issue's daily returns over the chosen window counted into equal-width bins. The vertical lines mark the VaR and cVaR above on the loss side. The published VaR sample applies exclusion rules for halts and first sessions that this raw daily series does not, so the bars and the marks can differ slightly at the edges.

Drawdown

Deepest drawdown 66.6% (2026-07-30). How far below its previous peak the issue stood each day over the chosen window, a description of the path already travelled.

If these numbers are unfamiliarThere is a guide that walks through VaR, cVaR and annualized volatility in plain language.Read the guide

Characteristic line

1.01
Beta [0.83, 1.18] · KOSDAQ150 · As of 2026-10-07
Intercept
+0.282%[-0.306%, +0.870%]
R squared
0.34
Observations
252
Trading-time corrected beta
0.77[0.44, 1.10]
252-day rolling beta

A 252-day window rolled one day at a time over the longest daily span of the characteristic line. It shows when the beta against the KOSDAQ150 and the annualized volatility of the issue's excess return rose and fell, and unlike the headline figures above it carries no interval.

252-day rolling annualized volatility

Each point is one period's index excess return and issue excess return, and the line is the regression fitted to those points. The risk-free rate is the certificate of deposit rate.

Financials

20212022202320242025TTM
RevenueKRW 100M7206378037361,1171,306
Revenue growth%—-11.4226.01-8.3451.77—
Operating incomeKRW 100M109659244191216
Operating income growth%—-40.2241.61-52.40334.00—
Net incomeKRW 100M986711115181213
Net income growth%—-31.7465.29-86.931,146.71—
Attributable to ownersNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Attributable to minoritiesNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
Operating margin%15.1410.2211.485.9617.0516.52
Net margin%13.6810.5513.831.9716.2016.32
ROENot applicableNot applicableNot applicableNot applicableNot applicableNot applicable
ROA%17.898.1112.151.1512.6110.71
Debt ratio%84.2236.8028.3761.6231.5431.79
Current ratio%196.50339.20372.04468.45340.84351.52
Quick ratio%170.80306.19————
Reserve ratio%—5,251.686,227.936,355.549,670.0712,343.70
Free cash flowKRW 100M86-1658-129-24—
FCF margin%11.97-2.527.21-17.53-2.16—
OCF conversion%110.1252.97145.45307.3870.74—
Capex to revenue%3.108.1012.9123.5913.63—
Inventory daysdays—41.0————
Payable daysdays—28.919.123.725.0—
EPSKRW1,0867219761281,586—
PERx—10.8736.89126.2522.95—
BPSKRW—5,3236,2596,8919,12912,228
PBRx—1.475.752.353.993.32
Dividend per shareNot applicableNot applicableNot applicableNot applicableNot applicableNot applicable

Consolidated basis

Profit flowKRW 100M

Revenue
1,117
Cost of sales
715
Gross profit
402
SG&A expenses
212
Operating income
191
Non-operating income
38
Other
0
Profit before tax
229
Net income
181
Income tax expense
48

This diagram traces where revenue goes at each step on its way to net income, using the filed amounts as they are. The non-operating result is taken as the difference between profit before tax and operating income and is shown as income or expense by its sign, and whatever a step's items leave unexplained is shown separately as other.

Revenue compositionKRW 100M

Margins%

Cash flow by activityKRW 100M

Balance sheet compositionKRW 100M

Debt ratio%

The left bar splits assets into current and non-current and the right bar splits the financing of those assets into liabilities and equity, so the two bars stand at the same height.

Quarterly resultsKRW 100M

Year-on-year growth%

Each quarterly bar is that quarter's three months and is never mixed with an annual figure. The growth rate is computed only where the same quarter a year earlier is also shown here, and is left blank when the base was a loss.

Cash conversion cycledays

Free cash flow breakdownKRW 100M

Inventory days and receivable days stack upward, payable days hang downward, and the cash conversion cycle they net to is drawn as the line. Each day count uses the average balance with the prior year, so the oldest year is not drawn. A day count whose line was not filed is left out, and the cycle is shown only for years that carry all three.

Free cash flow is cash from operating activities less spending on property, plant and equipment, and all three bars keep the sign as filed.

Owners' net margin%

Asset turnoverx

Financial leveragex

ROE%

ROE is the product of the owners' net margin, asset turnover and financial leverage. All three use period-end balances as denominators, and profit and equity are on the owners' basis, so the product matches the ROE in the table.

Financial statements

Balance sheet

20212022202320242025
5508299141,2671,436
252223202483344
2996067127841,092

Income statement

20212022202320242025
7206378037361,117
109659244191
120681144229
986711115181
Basic earnings per shareKRW1,0867219761281,586
Diluted earnings per shareKRW1,0867219761281,323
986510718181

Cash flow statement

20212022202320242025
Net incomefrom the income statement986711115181
Total adjustments to operating cash flowcomputed10-325030-53
1083616245128
-23-319153-517-79
-15231-36251-53
Cash at beginning of periodKRW 100M109180132407194
180132407194187
Net change in cash and cash equivalentsKRW 100MNot applicableNot applicableNot applicableNot applicableNot applicable

In the latest fiscal year cash generated by operations covered both investing outflows and financing outflows.

A year whose own filing is absent is filled from the restated comparative in the following filing, and is marked as such. Operating indicators outside the statements, such as order backlogs, and audit opinions are not covered here, and per-share figures follow the filed values without retroactive adjustment for share splits.

Transcribed verbatim from the sentences the filer wrote in the fiscal {year} business report (received {date}), with tables, figures and cross-references to other sections omitted.

The newest annual filing shown was received on 2026.03.23.

Audit opinion

Fiscal yearOpinionAuditorFiscal year end
2025적정의견Term 23한미회계법인2025-12-31
2024적정의견Term 22한미회계법인2025-12-31
2023적정의견Term 21한미회계법인2025-12-31
2022적정Term 20삼정회계법인2022-12-31
2021적정Term 19한미회계법인2022-12-31
2020적정Term 18한미회계법인2022-12-31

The auditor's name and the opinion are transcribed verbatim from the filed audit report, and the wording follows the filer. A fiscal year shown twice means the filing carried two entries that the source does not distinguish.

Korean audit opinions come in four kinds, where an unqualified opinion (적정) finds the statements fairly presented, a qualified opinion (한정) does so except for a stated matter, an adverse opinion (부적정) finds them not fairly presented, and a disclaimer of opinion (의견거절) means the auditor could not obtain enough evidence to form a view.

Valuation

Valuation multiplesx

PER and PBR divide each period's closing price by the per-share figure filed for that same period, and a loss period is left blank. The quarterly view is a multiple of quarterly EPS.

PER bandKRW

The price is the adjusted close and each band line multiplies the EPS of the latest completed fiscal year by a fixed multiple. The previous year's EPS stays in force until the next fiscal year ends, and the multiples divide the range between the lowest and highest annual PER on record into equal steps.

Valuation models

Five models priced under one set of assumptions, set beside the current price, with how each has moved by fiscal year.

Assumptions

Risk-free rate10-year treasury yield · 2026-10-074.38%
BetaDaily 3Y1.00
%
%
Cost of equity9.36%
Weighted average cost of capital—
Initial growth2.0%
Effective tax rate20.9%
Base fiscal year2025
Current priceKRW64,800

The risk premium and the terminal growth rate are adjustable assumptions, and the rest follow from the data and the formulas.

ModelModel priceKRWVersus current price
Gordon growth modelNo dividend
Dividend discount model DDMNo dividend
Discounted cash flow FCFFBase-year cash flow not positive
Discounted cash flow FCFE6,687-89.7%
Residual income model RIMNo book value or return on equity
The table prices the newest fiscal year's accounts at today's treasury yield and the current price.

Dividend and residual income familyKRW

Discounted cash flow familyKRW

Each fiscal year's figures use that year's accounts and the treasury yield at its period end, with beta held at its current value, and splits or par changes are restated to the current share basis.

How the figures are calculated

Each model's formula is shown in symbols and then with this issue's own numbers substituted, step by step. Changing a value in the assumptions panel changes the numbers here too. Firm-level amounts are in hundred million won and per-share values in won.

Cost of equity

r=rf+β×ERPr = r_f + \beta \times \mathit{ERP}

r = 4.38% + 1.00 × 5.00% = 9.36%

Initial growth

g1=max⁡{ROE×(1−payout), 0},gt=g1+(gT−g1) t−1N−1g_1 = \max\{\mathit{ROE} \times (1 - \text{payout}),\,0\},\qquad g_t = g_1 + (g_T - g_1)\,\frac{t-1}{N-1}

g_1 = g_T = 2.00%

Discounted cash flow FCFE

FCFE0=CFO−CapEx+ΔD,P0=1Shares[∑t=1NFCFEt(1+r)t+FCFEN(1+gT)(r−gT) (1+r)N],FCFEt=FCFEt−1(1+gt)\mathit{FCFE}_0 = \mathit{CFO} - \mathit{CapEx} + \Delta D,\qquad P_0 = \frac{1}{\text{Shares}}\left[\sum_{t=1}^{N} \frac{\mathit{FCFE}_t}{(1+r)^t} + \frac{\mathit{FCFE}_N (1+g_T)}{(r - g_T)\,(1+r)^N}\right],\qquad \mathit{FCFE}_t = \mathit{FCFE}_{t-1}(1+g_t)

Base-year cash flow FCFE

FCFE_0 = 128.1 − 152.3 + 81.9 (net borrowing) = 57.7 KRW hundred million

YearGrowthCash flow KRW hundred millionDiscount factorPresent value KRW hundred million
12.00%58.90.914453.8
22.00%60.10.836150.2
32.00%61.30.764646.8
42.00%62.50.699143.7
52.00%63.70.639340.7
Terminal value2.00%883.10.6393564.5
Total799.8

P_0 = 799.8 KRW hundred million ÷ 11,960,710 (shares) = 6,687 KRW

The cost of equity is the risk-free rate plus beta times the equity risk premium. Initial growth is the newest fiscal year's return on equity times its retention ratio, floored at zero, and falls by equal steps from that value in the first year to the terminal rate in the fifth. Only the Gordon model grows at the terminal rate from the start. Discounted cash flow starts from operating cash flow less capital expenditure, where FCFF adds after-tax interest paid and discounts at the weighted average cost of capital, and FCFE adds net borrowing and discounts at the cost of equity. The residual income model adds to book value per share the present value of earnings above the equity charge.

Other issues on the same market

Neighbours in the market capitalisation order.

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